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South Korea's Lotte Group to invest $44 billion over 5 yrs

31Oct '18

Courtesy: Lotte

South Korean chemicals-to-retail conglomerate Lotte Corp will invest 50 trillion won over the next five years, its holding firm recently said. It plans to invest 12 trillion won next year—one of the largest investment plans for a single year—partly to expand facilities at chemical plants in South Korea, Indonesia and the United States, the group said.

The company will also hire about 70,000 people over the next five years.

The group spent 11.2 trillion won in 2016 on the purchase of a petrochemical firm.

The plan follows after group chairman Shin Dong-bin was released from jail this month on a suspended sentence in a bribery case, according to South Korea media reports.

Lotte will focus on improving its online service in its retail business, which includes shopping malls and supermarket chains, using big data and artificial intelligence and will continue to build shopping malls. (DS)

Fibre2Fashion News Desk – India

South Korean chemicals-to-retail conglomerate Lotte Corp will invest 50 trillion won over the next five years, its holding firm recently said. It plans to invest 12 trillion won next year—one of the largest investment plans for a single year—partly to expand facilities at chemical plants in South Korea, Indonesia and the United States, the group said.

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